India's Bandhan Bank jumps on Q1 profit rise

Bandhan Bank

29/07/2024 05:48

** Shares of Bandhan Bank  BANH.NS  rise as much as 10.5% to 212.8 rupees,
its biggest intraday climb since June 20
    ** BANH on Friday reported 46.4% surge in profit at 10.63 billion rupees
(~$127 million) in June quarter
    ** Lower provisions and controlled operating expenses drove earnings beat,
Motilal Oswal analysts said
    ** Analysts at JM Financial note asset quality metrics remained steady with
Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) at 4.2%
and 1.1% quarter-on-quarter, respectively
    ** 5 analysts raised price targets post Q1 results, with median PT at 210.50
rupees vs 202.5 rupees a month ago; mean rating of 25 analysts is "hold" - LSEG
data
    ** Including session's move stock is down 12.4% YTD 

($1 = 83.7125 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))